The decision is aimed at pursuing economic growth and peace on the Korean peninsular, state media report.

Mr Kim is due to meet his South Korean counterpart Moon Jae-in next week.

He is also expected to hold an unprecedented summit with US President Donald Trump by June. If it takes place, it will be the first meeting between a sitting US president and a North Korean leader.

“This is very good news for North Korea and the World – big progress!,” Mr Trump tweeted after Kim Jong-un’s announcement.

On Thursday, the US leader said there was a “bright path available to North Korea when it achieves denuclearisation”.

A spokesperson for the South Korean president called the North’s move “meaningful progress”.

“It will also contribute to creating a very positive environment for the success of the upcoming South-North summit and North-United States summit,” a statement from President Moon Jae-in’s office said.

This is a smart move by Kim Jong! Caught everyone by surprise. According to N’Koria they achieved their objectives. They unilaterally declared scrapping of further development/testing of ballistic missiles. Money will go to development of the country and hope the West will lift economic sanctions.